MarketWatch rounded up the 10 most important news events of the past week. We focused on market-related issues, but we’ve included other subjects of interest to readers.

1. Oil stocks take another beating

Following last week’s 16% drop in the price of crude oil for January delivery
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on the New York Mercantile Exchange, there was some volatility early this week, but crude was trading at $66.51 a barrel early Friday, up slightly from a week earlier.

Declining international demand, continued production in the United States and Saudi Arabia’s determination to hold on to its oil-market share are leading to further pressure on prices. Saudi Arabia on Thursday cut prices on oil for January delivery to buyers in the U.S. and Asia.

Despite the relatively mild price action for oil this week, stocks of oil producers took another beating. The S&P 500 Oil and Gas Drilling subsector was down 5% through Thursday from a week earlier, while the S&P 500 Index
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was flat.

Some investors are looking to scoop up long-term energy bargains as Brent crude oil
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the international benchmark, has fallen 38% from its high of $112.59 a barrel in June through Thursday’s close at $69.64. The S&P 500 Oil and Gas Drilling subsector is down 33% this year.

This, of course, doesn’t mean holiday sales will be down this year. It may simply mean that U.S. consumers increasingly resent being treated like cattle, when retailers offer amazing deals that typically cover only a very limited number of items available to the first shoppers running into the stores.

3. Cyber Monday

Quentin Fottrell questioned whether Black Friday is past its sell-by date, while also discussing the preliminary figures suggesting a 9% increase in sales on Cyber Monday. It certainly is much more convenient to order presents on line and have them delivered, often for free, than it is to go through the irritating exercise of driving from one big-box store to another and then joining crowds of shoppers.

Another interesting holiday phenomenon covered by Fottrell this week is the expected $750 million in gift cards that are expected to go unused this year. The name says it all: a “gift” card. It’s not a present, which implies that the giver has put some extra thought into selecting a special item. Gift cards require management. If the recipient isn’t careful to track spending with the card, he or she may easily leave a few unspent dollars on it. The need to put some extra thought into using two payment methods to fully tap out a card through a purchase, as well as the requirement to make a phone call or go online to get a remaining balance, contribute to the likelihood of not spending the whole thing.

If you are having great difficulty choosing a present for a loved one or a friend, it might be more appreciated if you were to give cash. That’s a present anyone can appreciate and easily use, anywhere.

4. A solid employment report for November

The Bureau of Labor Statistics said on Friday that U.S. nonfarm payrolls rose by 321,000 during November, representing the strongest growth since early 2012. Another positive feature of the report were the revisions to October, to 243,000 from a previous estimate of 214,000, and September, to 271,000 from 256,000. The economy has now seen monthly employment growth of more than 200,000 for 10 straight months.

But Jeffrey Frankel, in an article originally published in May, argued that the U.S. is still the world’s largest economy when measured by market rates, which better reflect a country’s “weight in the global economy.”

7. Sony hack

The latest in an endless stream of major hacking attacks against companies is the remarkable data breach at Sony Corp.
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which led to the availability of unreleased movies through illegal downloads. That may well cost the company a bundle.

But a criminal organization that ironically calls itself “Guardians of Peace,” has posted personal information, including Social Security numbers and tax-identification numbers of thousands of people, among them actors, who have worked for Sony.

8. Market predictions for 2015

The S&P 500 has returned 14% this year, with dividends reinvested, which is a solid performance, even if it trails the 32% return in 2013. As the stock market continues to hit new records, there has been no shortage of warnings.

Even though the Federal Reserve has ended its “QE3” bond-buying program, which held down long-term interest rates and no doubt helped boost stock prices, the short-term federal funds rate is still locked in a range of zero to 0.25%. Meanwhile, the European Central Bank keeps taking steps to prop up the eurozone economy, and China’s central bank has even lowered interest rates.

In short, the world is awash in cash, and this is causing many value investors to be wary. James Montier, a value investor with GMO of Boston, said on Wednesday in an interview with Finanz und Wirtshaft that we’re in the midst of “the first central-bank-sponsored near-bubble” for stock prices.

9. Some good ideas for holiday presents

Jason Zweig listed 15 great books for investors, and these aren’t the typical self-serving “guru” books that try to teach you someone’s “system” for getting rich quickly. Those books can make one wonder why they would even share such “secrets.”

The books Zweig has listed include several classics that can help you analyze potential investments in any market, avoid typical market chicanery (“How to Lie with Statistics”), as well as books that delve into the investment-decision process and help you (or a beloved recipient of your gift) avoid making typical mistakes.

10. Retirement

Tax season is just around the corner, and for investors over the age of 70 1/2 with IRAs or other tax-deferred retirement accounts, that means it’s time to make sure retirement-account withdrawals have been high enough to meet the Internal Revenue Service’s required minimum distribution (RMD) requirements.

Philip
van Doorn

Philip van Doorn covers various investment and industry topics. He has previously worked as a senior analyst at TheStreet.com. He also has experience in community banking and as a credit analyst at the Federal Home Loan Bank of New York.

Philip
van Doorn

Philip van Doorn covers various investment and industry topics. He has previously worked as a senior analyst at TheStreet.com. He also has experience in community banking and as a credit analyst at the Federal Home Loan Bank of New York.

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